Randall Posted February 22, 2015 Report Share Posted February 22, 2015 Anyone begun correcting the 941 and W2 for S Corp shareholder in light of the recent IRS notice? Do I understand that we can back out the amount of the insurance premiums for Boxes 3 & 5 and request a refund for the additional FICA tax paid? Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 22, 2015 Report Share Posted February 22, 2015 I will start in a few days. Quote Link to comment Share on other sites More sharing options...
jshtax Posted February 22, 2015 Report Share Posted February 22, 2015 What changed? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 22, 2015 Report Share Posted February 22, 2015 Reporting of greater than 2% shareholder reporting of health insurance premiums reimbursed and related issues. Quote Link to comment Share on other sites More sharing options...
jshtax Posted February 22, 2015 Report Share Posted February 22, 2015 So you do not have to put it on W2? What was the release that contained this information? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 22, 2015 Report Share Posted February 22, 2015 Rev Proc 2015-17. Only in box 1, same as before. Reversing some of their interpretations of market reforms and those $100/day/employee penalties. For 2014 and through 30 June 2015. Then we wait for more guidance. Are we having fun yet? Quote Link to comment Share on other sites More sharing options...
Randall Posted February 23, 2015 Author Report Share Posted February 23, 2015 To correct a corrected 941-X, do we just add a 2nd 941-X in ATX Payroll, then use the previous 941-X numbers as our original numbers in the 2nd 941-X. That's my approach unless there's a formal way to do it. I plan to enclose a copy of the first 941-X. To correct a corrected W2, I'm not sure how to do it in ATX Payroll. Do we just override the previous W2c info with the corrected amounts from the original W2? Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted February 23, 2015 Report Share Posted February 23, 2015 I am so ticked off about this. One of my client's chose to reimburse the health insurance to his "S " Corp. He is on his wife's health insurance now, so I doubt that he will want to try to fix this mess. Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted February 24, 2015 Report Share Posted February 24, 2015 When explained to my tp what need to be fixed his first response was "who is gonna pay for you to fix it?" 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.